Somers Limited: Announces Shareholder Approval of Merger with SNB Investments

Hamilton, Bermuda:  1st, August 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), Somers Limited (“Somers”, the “Company” or the “Group”)  Announces Shareholder Approval of Merger with SNB Investments.  The full filing stated:

 

 

August 1, 2022

 

Somers Limited

 

Somers Limited announces shareholder approval of merger with SNB Investments

 

(Hamilton, Bermuda) Somers Limited (“Somers” or the “Company”), a financial services investment holding company, announces that its Board of Directors has declared a dividend of $4.55 per share to be payable to shareholders of record on 4 August 2022 with a payment date of 5 August 2022. The dividend will be settled principally by a distribution of assets to the Somers shareholders and a small cash payment.

 

The Company has also issued 5,412,314 warrants pro-rata to all of its shareholders on a one for four basis (the “Warrants”). The Warrants will be unlisted and the exercise price of the Warrants will be $18.92 per share and they will mature on 30 September 2023.

 

All of the Somers shareholders, except for UIL Limited, have indicated that they will exercise all of their warrants immediately. The consideration for the warrant exercise will be via the distribution of the assets back to Somers that were received as part of the dividend payment set out above. The net impact of the dividend payment and the warrant exercise is a reduction in Somers gross assets of less than 10%.

 

Media Contacts:

 

 

Alasdair Younie                                                                               

Director                                                                                            

Somers Limited                                           

Tel:  +1 441-542-9242                                                        

Email:  ay@icm.bm                                                 

 

 

 

-ENDS-

 

About Somers Limited:

 

Somers is a listed financial services investment holding company whose major assets include: a 59.1% holding in Resimac Group Limited, a leading non-bank Australian financial institution with over A$16 billion assets under management; a 61.8% holding in Waverton Investment Management Group Limited, a UK wealth manager with £12.7 billion funds under management and administration; and a 73.2% shareholding in UK specialist bank, PCF Group plc. Somers has shareholders’ funds as at March 31, 2022 of approximately US$555 million. Somers’ shares are publicly traded and listed on the Bermuda Stock Exchange (Ticker: SOMS.BH). More details on the Company can be found at www.somers.limited)

 

 

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.

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